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Chapter 17: Q17E-c (page 942)
Root Trailers’ job cost records yielded the following information:
Use the dates in the table to identify the status of each job. Compute the following
balances for Root:
c. Cost of Goods Sold for July
The cost of goods sold for July is $17,100.
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Question: The following information pertains to Smith Company, which you worked with previously in this chapter:
11. Smith Company completed jobs that cost \(25,000 to manufacture. Record the journal entry.
12. Smith Company sold jobs to customers on account for \)52,000 that cost $22,000 to manufacture. Record the journal entries.
Goldenrod Company makes artificial flowers and reports the following data for the month:
Purchases of materials, on account | $51,000 |
Materials requisition: | |
Direct material | 42,300 |
Indirect materials | 500 |
Labor incurred (not yet paid): | |
Direct labor | 20,300 |
Indirect labor | 1,340 |
Journalize the entries relating to materials and labor.
Root Trailers’ job cost records yielded the following information:
Use the dates in the table to identify the status of each job. Compute the following
balances for Root:
a. Work-in-Process Inventory at July 31
Explain the terms accumulate, assign, allocate, and adjust as they apply to job order costing.
June production generated the following activity in Bentley Chassis Company’s Work-in-Process Inventory account:
June 1 balance | \(36,000 |
Direct materials used | 32,000 |
Direct labor assigned to jobs | 40,000 |
Manufacturing overhead allocated to jobs | 28,000 |
Additionally, Bentley Chassis has completed Jobs 142 and 143, with total costs of
\)37,000 and $48,000, respectively.
Requirements
2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory
account on June 30.
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